Litecoin has sustained its positive price action
The price of LTC is up 1% in the last 24 hours to $70 at the time of publication. This is significant, as most crypto assets were recording losses at press time.
The “digital silver” is up 25% in the past week and has subsequently entered the top 20. Aside from Polygon (MATIC), which was posting weekly gains of 30%, Litecoin remains a top weekly gainer in the top 20.
After reaching the base at $49.55 on October 21, LTC began a run. As U.Today reports, the price of LTC rose 15% in a single day after payments giant MoneyGram announced that its US customers would soon be able to buy, sell and hold LTC and other crypto assets in the MoneyGram mobile app. Will be
Litecoin has sustained its positive price action, marking five out of six green days since the start of November. An intraday high of $73.29 was reached on Nov. 7, the highest level since May this year.
When Litecoin first launched in 2011, miners received 50 LTC for successfully mining a block. That reward (called a “subsidy”) is halved every 840,000 blocks (approximately every four years).
Litecoin has undergone two halvings since its inception in October 2011. The third halving, which lowers the current 12.5 LTC subsidy to 6.25 LTC, occurs in 2023.
Analysts noted that each Litecoin price movement was followed by a volatile LTC price cycle, which included a major price pump, a corresponding correction, a price bottom, and a recovery to a local top.
45 million new LTC addresses created in 2022
According to a post shared by the LTC Foundation, 45 million new LTC addresses have been created in the past 11 months, equaling over 28% of all LTC addresses ever created.
Litecoin Mining According to a post by the Litecoin Foundation, the difficulty recently hit a new high, just under 18 million hashes. The increase in the mining difficulty of Litecoin means that the competition for miner rewards is heating up.
